The "Let Kids Play Act" aims to protect youth sports from exploitative financial practices by prohibiting "vulture investors" from investing in youth sports entities and engaging in "vulture practices." It broadly defines youth sports to include leagues, facilities, technology, and associated services for individuals under 18, encompassing both non-profit and for-profit organizations. A covered firm is defined as a private equity fund or a company controlled by one. A vulture investor is a covered firm that has engaged in "vulture practices" or has caused two or more acquired entities to become insolvent or bankrupt within five years of acquisition. Vulture practices are detailed as actions that harm or create long-term risk for an acquired entity to extract profit, such as imposing debt, transferring assets, shielding liability, employing roll-up strategies, degrading operations, imposing excessive operational costs, or using one-sided terms. The bill makes it unlawful for vulture investors to invest in youth sports entities and for any covered firm to engage in vulture practices. Specific prohibited practices include consolidating control through serial acquisitions, creating integrated networks that force participants to use firm-controlled services, conditioning participation on designated travel, and imposing "junk fees" that are undisclosed, unavoidable, unnecessary, or excessive. It also bans one-sided terms like exclusivity agreements, multi-year non-cancelable commitments, and restrictions on participating in competing events or using non-affiliated technology platforms. Covered firms currently invested in youth sports are automatically designated as vulture investors unless they obtain a certification from the Federal Trade Commission (FTC). Firms seeking future investments must also be certified. Certification requires a sworn statement that the firm has never engaged in vulture practices, has not caused more than one acquired entity to become insolvent within five years, and will not engage in such practices in the future. False certifications carry significant civil penalties of at least $1 million and potential criminal liability. Vulture investors must divest their ownership stakes, return assets and intellectual property, and remove their appointees from management within two years of designation. Failure to comply can result in penalties, including the escrow of revenue, and may lead to the appointment of a divestiture trustee. The Act grants the FTC and the Assistant Attorney General broad authority to impose remedies, such as disgorging profits, refunding junk fees, forgiving debts, funding scholarships, and transferring technology to restore the financial viability and operational independence of youth sports entities. Enforcement powers are granted to the FTC and the Assistant Attorney General, allowing for administrative actions or civil lawsuits. State Attorneys General can also bring civil actions, and the bill establishes a private right of action for individuals or classes adversely affected, allowing for treble damages, restitution, and attorney's fees. Importantly, pre-dispute arbitration agreements and joint-action waivers are deemed invalid for disputes arising under this Act, ensuring access to judicial remedies. The bill also establishes a Youth Sports Fund to utilize disgorged funds for community benefit, such as reducing participation costs or supporting free facility access.